Currency Secrets

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What’s The Attraction?

I was never drawn in to MG Forex initially. It didn’t seem as though it had much by way of features when looking from the outside in. However, upon further investigation of OTHER forex brokers
I began to find one glaring feature that MG had that the other forex brokers did not: a dynamic news feed inside the trading platform.

I found that with other forex brokers you needed to either download a plugin (or add on) or had to use an external service. MG has made the integration of having a live news feed inside the forex trading platform a reality - I award MG top marks for this aspect. Unfortunately though this is where the good stuff starts and stops, as will be revealed…

Live & Demo Differences

I saw no difference between the demo and live accounts.

What We Liked About MG:

The dynamic news feature. If you’re wondering why this is such a buzz with us you probably haven’t traded the forex markets enough to realize that the markets can turn on a dime with any economic announcements, or other just released news items that can effect the currencies. Knowing what is happening with the market due to a new announcement could mean the difference of making money or losing it - it’s therefore imperative that the forex trader has the facility to view live announcements (even if they’re just summaries, or headlines).

MG Forex also allows free access to ForexNews charting and news package which is not a bad feature, however, it would’ve been better if MG partnered with ForexNews so that the remaining trading features offered by MG could have been integreated inside the ForexNews package. Unfortunately though to maintain free access to ForexNews’ platform the client must keep a balance greater than US$500.

One other aspect that we liked was the 400:1 leverage offered!

What We Didn’t Like About MG:

While their platform and charting package was quite basic there were several other things that we just didn’t like.

One aspect of MG that we found quite peculiar was the fact that you couldn’t place an amount of open orders greater than your account balance?! That’s right! If you don’t understand look at this example: if I only had US$25 in the account (enabling me to trade only 1 mini contract) and I placed an order to buy 1 EURUSD contract at a stop entry price of 1.3000 (say the EURUSD is currently trading at 1.2900) and I place another order to sell 1 EURUSD contract at a stop entry price of 1.2800 MG will not accept this second separate order stating that I do not have sufficient funds!!!

MG do allow OCO orders (where the above transaction can be done), however, if we placed a similar type of OCO order on the GBPUSD for 1 contract it would not allow us to do this.

The orders aren’t active, they are only PENDING, if I have the view that the market is going to be volatile but I don’t know what direction I CANNOT place more than 50% of my capital on two separate orders.

Out of all the problems I had with MG this was by far the biggest peeve.

One other big problem that I had with MG’s ordering process was that you couldn’t AMEND active stop or limit orders!! You had to enter in a new stop or limit order and then
cancel the other active order to change your stop and limit prices. This was extremely annoying during volatile market conditions.

In summary then…
MG FOREX PROS:

• Dynamic News Feed Inside Trading Platform
• 400:1 leverage
• Free access to ForexNews’ package (provided account is >US$500)

MG FOREX CONS:

• Basic charting and trading packages
• Cannot place more than the account balance on pending orders
• Cannot amend active stop or limit orders

Our MG FOREX Rating

If it weren’t for the order problems this score would have been around 4… as I really liked the dynamic news.

If you’ve experienced similar things with MG Forex or think they’re better than what we’ve mentioned above then add your views by clicking on the “Leave A Comment” link